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AUTOIMMUNE INC. REPORTS THIRD QUARTER AND NINE MONTHS 1993 FINANCIAL RESULTS

 LEXINGTON, Mass., Oct. 29 /PRNewswire/ -- AutoImmune Inc. (NASDAQ: AIMM) today reported a net loss of $1,840,000, or 18 cents per share, for the quarter ended Sept. 30, 1993, compared with a net loss of $818,000 or 55 cents per share, for the same quarter a year earlier. This brings the net loss for the year to date 1993 to $4,838,000 or 52 cents per share, and compares to a net loss of $2,211,000 or $1.49 per share for the comparable period in 1992. Research and development expenses increased to $4,894,000 for the nine months 1993 from $2,651,000 in the comparable 1992 period, reflecting the costs of clinical studies for the Company's product portfolio.
 "We continue to move along the course we have charted for 1993," said Robert C. Bishop, Ph.D., President and Chief Executive Officer for AutoImmune. "During the third quarter, the encouraging results of our Phase II clinical trial of AI-200 in rheumatoid arthritis were published in the Sept. 24, 1993 issue of SCIENCE, and we are now preparing to conduct a dosing study. We have half of the patients enrolled in our Phase II study of AI-300 for uveitis, and we expect to begin a Phase I safety study of AI-401 in diabetes before year end. Preparations continue for our Phase II/III trial of AI-100 in multiple sclerosis, which is expected to start during the first quarter of 1994," Dr. Bishop stated.
 "We are also very pleased that we have been able to recruit outstanding professionals, with 33 employees on board as of Sept. 30th. Expansion of the laboratory facilities at our current location is now in the planning stages," Dr. Bishop added.
 AutoImmune Inc. is developing pharmaceutical products based on the principle of oral tolerance for the treatment of immune system isorders, including multiple sclerosis, rheumatoid arthritis and uveitis.
 AutoImmune Inc.
 Statement Of Operations
 (Unaudited)
 Three months ended Nine months ended
 Sept. 30, Sept. 30, Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenue $ --- $409,000 $537,000 $909,000
 Cost and expenses
 Research and
 development 1,737,000 994,000 4,894,000 2,651,000
 General and
 administrative 424,000 274,000 1,360,000 637,000
 Total costs
 and expenses 2,161,000 1,268,000 6,254,000 3,288,000
 Interest income 322,000 41,000 880,000 168,000
 Interest expense 1,000 --- 1,000 ---
 Total 321,000 41,000 879,000 168,000
 Net loss $(1,840,000) $(818,000) $(4,838,000)$(2,211,000)
 Net loss per share (18 cents) (55 cents) (52 cents) $(1.49)
 Weighted average
 common shares
 outstanding 10,131,097 1,486,731 9,271,953 1,486,731
 Balance Sheet Data
 (unaudited)
 Sept. 30, Dec. 31,
 1993 1992
 Cash and short-term
 investments $31,397,000 $2,677,000
 Total assets 34,524,000 3,998,000
 Total stockholders'
 equity (deficit) $33,272,000 ($10,140,000)
 -0- 10/29/93
 /CONTACT: Thomas V. Hennessey, Jr., vice president, CFO and treasurer of AutoImmune, 617-860-0710; or Marcia A. Kean, executive vp of Feinstein Partners, 617-577-8110 for AutoImmune/
 (AIMM)


CO: AutoImmune Inc. ST: Massachusetts IN: MTC SU: ERN

DJ -- NE001 -- 8341 10/29/93 08:29 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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